HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

One of New Zealand’s largest banks has announced a new director to its board.

Dr Roderick Carr has joined ASB Bank Limited. He has been vice-chancellor at the University of Canterbury since February 2009 and is due to retire from that position in January 2019.

Previously, Carr was managing director of Jade Software Corporation Ltd and had a distinguished career in the banking sector, which included roles as acting governor of the Reserve Bank and chair of the board of the Reserve Bank.

Carr holds a PhD in Insurance and Risk Management and an MA in Applied Economics and Managerial Science from The Wharton School, University of Pennsylvania; an MBA in Money and Financial Markets from Columbia University, New York; and undergraduate honours degrees in law and in economics from the University of Otago.

ASB chairman Gavin Walker said Carr is a highly respected executive with broad management, academic and governance skills in the private and public sectors.

“We are delighted to welcome Rod to the board,” Walker said. “He brings skills and experience that will be of immense benefit to ASB.”